Vanners to rescue Penrose London from administration?

Penrose London, the accessories company for men, has entered into voluntary administration. Among potential buyers is silk mill Vanners, which could save the firm from folding.

According to Drapers, who spoke with Panos Eliades of liquidators Panos Eliades Franklin & Co, Vanners is one of the Penrose's creditors and is investigating the business with an eye to taking it over. Eliades also said there are other interested parties but these are not serious contenders.

Penrose entered voluntary administration following founder Mitchell Jacobs' exit from his company due to illness. Prior to founding Penrose in 2008, he had already established menswear accessories label Duchamp.

According to Eliades, Penrose is a healthy business with enough money to pay its creditors and with support from its directors. Annual turnover is estimated at approximately 800,000 pounds.